Business, 27.01.2020 21:31 maria4040

Cubs inc. was completely liquidated. in the exchange for his 20 percent interest, ross received land with a fair market value of $200,000. ross’s basis in the cubs stock was $100,000. the land had a basis to cubs inc. of $50,000. what amount of gain does ross recognize in the exchange and what is his basis in the land he receives? multiple choice
1. no gain recognized and a basis in the land of $50,000. no gain recognized and a basis in the land of $100,000.2. $100,000 gain recognized and a basis in the land of $100,000.3. $100,000 gain recognized and a basis in the land of $200,000

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Cubs inc. was completely liquidated. in the exchange for his 20 percent interest, ross received land...